MILLI RE 2023 ANNUAL REPORT

PAGE: UNCONSOLIDATED BALANCE SHEET 94 UNCONSOLIDATED STATEMENT OF INCOME 99 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 102 UNCONSOLIDATED STATEMENT OF CASH FLOWS 104 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 105 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS 106-163 NOTE 1 General information 106 NOTE 2 Summary of significant accounting policies 107 NOTE 3 Significant Accounting Estimates and Requirements 126 NOTE 4 Management of insurance and financial risk 127 NOTE 5 Segment Information 136 NOTE 6 Tangible assets 136 NOTE 7 Investment properties 138 NOTE 8 Intangible assets 138 NOTE 9 Investments in associates 139 NOTE 10 Reinsurance assets and liabilities 140 NOTE 11 Financial assets 141 NOTE 12 Loans and receivables 143 NOTE 13 Derivative financial assets 144 NOTE 14 Cash and cash equivalents 144 NOTE 15 Equity 145 NOTE 16 Other reserves and equity component of discretionary participation 147 NOTE 17 Insurance contract liabilities and reinsurance assets 147 NOTE 18 Investment contract liabilities 150 NOTE 19 Trade and other payables and deferred income 150 NOTE 20 Financial liabilities 151 NOTE 21 Deferred tax 151 NOTE 22 Retirement benefit obligations 152 NOTE 23 Other liabilities and expense accruals 153 NOTE 24 Net insurance premium revenue 154 NOTE 25 Fee revenue 154 NOTE 26 Investment income 154 NOTE 27 Net income accrual on financial assets 154 NOTE 28 Asset held at fair value through profit or loss 154 NOTE 29 Insurance rights and claims 154 NOTE 30 Investment contract benefits 154 NOTE 31 Other expenses 154 NOTE 32 Operating expenses 155 NOTE 33 Employee benefit expenses 155 NOTE 34 Financial costs 155 NOTE 35 Income Taxes 156 NOTE 36 Net foreign exchange gains 156 NOTE 37 Earnings per share 156 NOTE 38 Dividends per share 157 NOTE 39 Cash generated from operations 158 NOTE 40 Convertible bonds 158 NOTE 41 Redeemable preference shares 158 NOTE 42 Risks 158 NOTE 43 Commitments 158 NOTE 44 Business combinations 158 NOTE 45 Related party transactions 159 NOTE 46 Subsequent events 163 NOTE 47 Other 163 Contents 93 2023 Annual Report GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION